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Originally Posted by Equinox
they can't stay all day and bid, so they reassure themselves that they have the item, by bidding a high price, that they don't think anyone will out do.
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That's what maximum bids are for.
In this particular case, it was a limited edition Jim Henson Muppet action figure. There's another one up for auction now, but someone bid with a maximum bid too high for me to beat without going overboard.